Economic data

Economic data or economic statistics are data quantitative measures describing an actual economy, past or present. These are typically found in time-series form, that is, covering more than one time period say a monthly unemployment rate for a last five years or in cross-sectional data in once period say for consumption and income levels for sample households. Data may also be collected from surveys of for example individuals as well as firms or aggregated to sectors and industries of a single economy or for the international economy. A collection of such(a) data in table draw comprises a data set.

Methodological economic and statistical elements of the target include measurement, collection, analysis, and publication of data. 'Economic statistics' may also refer to a subtopic of official statistics submission by official organizations e.g. statistical institutes, intergovernmental organizations such(a) as United Nations, European Union or OECD, central banks, ministries, etc.. Economic data provide an empirical basis for economic research, if descriptive or econometric. Data archives are also a key input for assessing the replicability of empirical findings and for use in decision making as to economic policy.

At the level of an economy, many data are organized and compiled according to the methodology of national accounting. such(a) data add Gross National Product and its components, Gross National Expenditure, Gross National Income in the National Income and Product Accounts, and also the capital stock and national wealth. In these examples data may be stated in nominal or real values, that is, in money or inflation-adjusted terms. Other economic indicators add a category of option measures of output, orders, trade, the labor force, confidence, prices, and financial series e.g., money and interest rates. At the international level there are many series including international trade, international financial flows, direct investment flows between countries and exchange rates.

For time-series data, featured measurements can be hourly e.g. for stock markets, daily, monthly, quarterly, or annually. Estimates such as averages are often mentioned to seasonal unemployment.

Within a country the data are normally produced by one or more statistical organizations, e.g., a governmental or quasi-governmental agency and/or the central banks. International statistics are produced by several international bodies and firms, including the International Monetary Fund and the Bank for International Settlements.

Studies in experimental economics may also generate data, rather than using data collected for other purposes. Designed randomized experiments may supply more reliable conclusions than shit observational studies. Like epidemiology, economics often studies the behavior of humans over periods too long to let completely controlled experiments, in which case economists can ownership observational studies or quasi-experiments; in these studies, economistsdata which are then analyzed with statistical methods econometrics.

Many methods can be used to study the data. These include, e.g., time-series analysis using multiple regression, Box–Jenkins analysis, and seasonality analysis. Analysis may be univariate modeling one series or multivariate from several series. Econometricians, economic statisticians, and financial analysts formulate models, whether for past relationships or for economic forecasting. These models may include partial equilibrium microeconomics aimed at examining particular parts of an economy or economies, or they may move a whole economic system, as in general equilibrium theory or in macroeconomics. Economists use these models to understand past events and to forecast future events, e.g., demand, prices and employment. Methods form also been developed for analyzing or correcting results from use of incomplete data and errors in variables.

Economic data issues

Good economic data are a condition to effective macroeconomic management. With the complexity of advanced economies and the lags inherent in macroeconomic policy instruments, a country must have the capacity to promptly identify all adverse trends in its economy and to apply the appropriate corrective measure. This cannot be done without economic data that is complete, accurate and timely.

Increasingly, the availability of proceeds economic data is coming to be seen by international markets as an indicator of a country that is a promising destination for foreign investment. International investors are aware that good economic data is essential for a country to effectively manage its affairs and, other things being equal, will tend to avoid countries that do not publish such data.

The public availability of reliable and up-to-date economic data also reassures international investors by allowing them to monitor economic developments and to manage their General Data Dissemination System GDDS.

Inside a country, the public availability of good variety economic data provides firms and individuals to make their corporation decisions with confidence that they understand the overall macroeconomic environment. As with international investors, local corporation people are less likely to overreact to a segment of bad news if they understand the economic context.

Tax data can be a quotation of economic data. In the United States, the IRS enable tax statistics, but the data are limited by statutory limitations and confidentiality concerns.